New Jones Act tanker company created

Aker Philadelphia Shipyard, American Shipping Company and funds affiliated with Apollo Global Management, have created a pure-play Jones Act shipping company, Philly Tankers "to provide pure play exposure toward Jones Act shipping market with firm contracts for two eco-design product tanker newbuilds and options for two additional vessels."
The companies said the two tankers will be built by Aker Philadelphia Shipyard with deliveries of the initial two vessels in the fourth quarter of 2016 and the first quarter of 2017. Deliveries of the two optional vessels are slated to occur in the third quarter and the fourth quarter of 2017.
"Philly Tankers has ambitions to grow through a combination of additional newbuilds, acquisitions of existing vessels, and participation in expected market consolidation," the companies said. They said Philly Tankers will have a corporate structure suitable for future transformation to a master limited partnership, and be listed on the Norwegian OTC by mid-July 2014, with the goal of a U.S. listing by mid-2016.
Aker Philadelphia Shipyard will invest $58.5 million in Philly Tankers for 54 percent of the company, while the financial sponsors, including American Shipping, Apollo, and other U.S. institutional investors, will invest $59 million for the remaining 46 percent.
Philly Tankers will operate and charter the vessels in the Jones Act market.
On June 1, Aker Philadelphia Shipyard began construction on the first of four tankers it is building for a joint venture with Crowley. APSI is currently constructing two 115,000-dwt crude oil tankers for SeaRiver Maritime, Inc., ExxonMobil Corporation’s U.S. marine affiliate. Both of the tankers are scheduled for delivery in 2014. APSI also has contracts for two 3,600-TEU containerships for Matson Navigation, which will be delivered in 2018. (It built four containerships for Matson between 200 and 2006.)
In January 2013, APSI completed construction of 14 product tankers for subsidiaries of American Shipping Company, Overseas Shipholding Group and Crowley.